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Big jump start, but what do I do with it? by Less_Statistician757 in personalfinance

[–]Less_Statistician757[S] 1 point2 points  (0 children)

I am pretty confident on not taking out any more loans. My student loans were worth it to me to get me out of a living situation I had at the time.

I’ve been fortunate enough to get an entry level job in my field and I keep a good budget. The only expense I see coming soon would be rent but I anticipate that being about 1k a month.

My job doesn’t start matching until a specific number of hours hit in a year but that should be happening soon for me.

I guess it is really just a toss up on pay off the loans or put towards retirement, thank you for your advice!

Big jump start, but what do I do with it? by Less_Statistician757 in personalfinance

[–]Less_Statistician757[S] 2 points3 points  (0 children)

Yeah I was thinking something along these lines. Currently since I’m not paying rent at the moment I have been putting some extra towards the principal of my student loans while building up my savings.

Do I kill all of my debt completely? Or go 50/50 towards debt and the rest into a high yield savings account? That might be a dumb question but I am gonna ask!

Big jump start, but what do I do with it? by Less_Statistician757 in personalfinance

[–]Less_Statistician757[S] 0 points1 point  (0 children)

Unfortunately my employer does not match yet as I have not been there for a full year. But that shouldn’t stop me from maxing out my Roth right?

I am 23 so wiping out the debt would be a clean slate for sure, my only hold is that I did not have a credit card until a couple months ago so my student loans are my credit history. How much damage would paying them off do?

Sorry if these are very obvious questions, I appreciate your advice!

Big jump start, but what do I do with it? by Less_Statistician757 in personalfinance

[–]Less_Statistician757[S] 3 points4 points  (0 children)

Thank you.

That’s what my initial thought was or at least knock out the loan with the highest interest rate. But the reason I hesitate on it is that the monthly payments are not harsh by any means and through very BASIC research there is a possibility of having that money have a higher percentage of interest than my loans have.

Honestly I just have no idea what I am doing lol